Fracking CEO Says Industry Must Cut Costs Amid Falling Oil Prices
Fracking was all the rage when crude prices stayed above $100 per barrel, but with the commodity reaching a five-year low, the expensive fracking process may be losing its luster.
Fracking was all the rage when crude prices stayed above $100 per barrel, but with the commodity reaching a five-year low, the expensive fracking process may be losing its luster. Fracking, which aims to extract energy from rocks is no cheap process and relies on tremendous amounts of water. TheStreet's Scott Gamm speaks with Tom Rooney, CEO of Energy Recovery to discuss his take on how low oil prices affects the fracking industry and the new device his company unveiled, which is expected to expedite the fracking process by re-routing fluid that could otherwise deteriorate the high-pressure pumps used during fracking.
